September 25, 2025-Published by Cyril

Billionaire businessman and chairman of First HoldCo Plc, Femi Otedola, has significantly increased his stake in the financial services group after acquiring an additional 64,878,668 shares worth ₦2.01 billion.

The acquisition was disclosed in filings submitted to the Nigerian Exchange Limited (NGX), in compliance with post-listing requirements. According to the documents signed by the company secretary, Adewale L. O. Arogundade, Otedola made two separate purchases on September 23, 2025.

The transactions included:

39,313,379 shares at ₦31 per share, valued at ₦1.21 billion.

An additional 25,565,289 shares worth ₦792.52 million, acquired through Calvados Global Services Limited.

With this new acquisition, Otedola’s direct shareholding in First HoldCo has risen to 3.25 billion units (7.76%), while his indirect holdings stand at 3.49 billion units (8.34%). This brings his total stake in the company to 16.1%, up from 13.15% in September 2024.

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This development comes barely three months after major investors, including Oba Otudeko, founder of Barbican Capital Limited and chairman of Honeywell Group, alongside Tunde Hassan-Odukale, group managing director of Leadway Assurance, sold over 10 billion shares in First HoldCo.

Otedola’s latest move further consolidates his influence in Nigeria’s banking and financial services sector, strengthening his position as a key player in First HoldCo’s future direction.

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